Mid-Year Market Update
It's hard to believe the first half of 2023 is behind us.
During the period, home prices in our area have remained relatively flat, with some areas seeing a modest decline compared to the same period just one year ago. The days of multiple offers, buyers paying over asking price, and bidding wars appear to be over, at least for now.
According to the Florida Association of Realtors, this is just a continuation of the pattern we've seen pretty much all year as mortgage rates have persistently remained in the 6 to 7% range. This has led to a stabilization in price growth, longer days on market, reduced buyer demand, and lower listing, and sales activity.
For the most part, the housing market seems to be waiting for a pullback in interest rates and the latest statements and actions from the Federal Reserve seem to indicate that is still several months away. In fact, the financial markets are currently betting that there will be two more rate increases this year before the Fed completely stops. After that, it is just a question of when they will start reducing rates again.
If you would like a breakdown of the numbers for your area, or if you’re curious what your home would sell for in today's market, please contact me directly at (904) 476 – 7653.